中国绿色债券市场概览及有效性分析

The report finds that China's labeled green bond market grew rapidly to become the world's second largest by 2019, reaching approximately $120 billion. While it has successfully attracted new issuers and funded significant projects in clean transport and energy, the market faces challenges including low international investor participation, a lack of standardized environmental reporting, and a high concentration of high-credit-rated large issuers. The report suggests unifying regulatory rules, expanding the issuer base to include more private enterprises, and strengthening monitoring, reporting, and verification (MRV) systems to improve transparency.

• China's domestic labeled green bond market grew significantly between 2016 and April 2019, reaching approximately $120 billion and becoming the second largest green bond market globally.
• There is a significant lack of transparency regarding the use of proceeds; approximately 31% of total funds were not specified or were pending allocation prior to issuance. Furthermore, 51% of funds lacked detailed project-level information, often due to the nature of green financial bonds issued by banks.
• The market is dominated by large entities with high credit ratings, with 78% of green bonds rated AAA, which may limit capital allocation efficiency by excluding lower-rated issuers. International investors hold only about 1.6% of the market, partly due to differences in green standards, such as China's inclusion of clean coal projects.

APA

Escalante, D., Choi, J., Chin, N., Cui, Y., & Larsen, M. L. (2020). 中国绿色债券市场概览及有效性分析. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2020/06/The-State-and-Effectiveness-of-the-Green-Bond-Market-in-China-Mandarin-Version.pdf

Chicago

Escalante, Donovan, June Choi, Neil Chin, Ying Cui, and Mathias Lund Larsen. 中国绿色债券市场概览及有效性分析. Climate Policy Initiative, 2020. https://www.climatepolicyinitiative.org/wp-content/uploads/2020/06/The-State-and-Effectiveness-of-the-Green-Bond-Market-in-China-Mandarin-Version.pdf.

Wikipedia

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BibTeX

@techreport{escalante2020, author = {Escalante, Donovan and Choi, June and Chin, Neil and Cui, Ying and Larsen, Mathias Lund}, title = {{中国绿色债券市场概览及有效性分析}}, institution = {Climate Policy Initiative}, year = {2020}, month = jun, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2020/06/The-State-and-Effectiveness-of-the-Green-Bond-Market-in-China-Mandarin-Version.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }